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Sep 8, 2008

Eleutian Technology Creates Korean Joint Venture

Ten Sleep, Wyoming – May 8, 2008  Eleutian Technology, a Wyoming based company focused on developing  cutting edge e-learning solutions, has finalized the creation of Eleutian Korea, a Korean joint venture company.  Initial funding of the joint venture will total 4 billion Korean won (~$4 million USD).

Eleutian Technology employs Wyoming-based certified school teachers to teach conversational English to students living in Asia via high-speed videoconferencing technology. 

“The establishment of Eleutian Korea will keep Eleutian ahead of the curve when it comes to the ESL [English as a Second Language] and EFL [English as a Foreign Language] markets in Asia.  Eleutian’s ability to deliver high quality, real time teacher-to-student interaction coupled with the experience and creativity of our incredible Wyoming teachers is unmatched in the world” stated Eleutian CEO Kent Holiday.  “Our local partners in the venture are proven industry leaders and will give us an even larger footprint in the Korean market.”

Eleutian Technology has partnered with Skylake Incuvest, a well known and highly respected Korean venture capital firm headed by Dr. Chin Daeje, former Korean Minister of Information and Communications; along with CDI Holdings, the Korean market leader in blended English education with over 46,000 students, to create Eleutian Korea.

As part of the initial round of funding, Skylake has invested $1.53 million USD into Eleutian Korea. “Skylake is excited to be a part of this project.  The Eleutian teaching services are very innovative and competitive.  Korea is currently positioned as the largest and most advanced e-learning market in the world.” added Seungwoo Kevin Choi, a Managing Director of Skylake Incuvest.

Eleutian Korea’s headquarters will be located in Seoul, Korea.  The President and CEO of Eleutian Technology, Kent Holiday, will also head the new company as President and Chief Executive Officer.  Kent Holiday brings over 15 years of management experience in Asian markets as the former Corporate Vice President of Korea Telecom (KT) responsible for global strategy, investments, and partnerships.  Prior to that position, Mr. Holiday held executive management positions at Ericsson, Cisco Systems Inc., 3Com Corp, and US Robotics.

It is estimated that $15 billion per year is spent on English language education in Korea and the market will grow to $40 billion within the next five years. The inauguration of Korea’s new President, Lee Myung Bak , has substantially increased the demand for English language education as President Bak  has promoted English language proficiency as a national agenda.

About Eleutian Technology, LLC
: Eleutian Technology, LLC is a Wyoming based company focused on improving English education through the use of technology, partnerships and certified US school teachers.    The executive team of Eleutian has over 100 years of executive management experience in Asia in various business and service oriented roles.  Based on those experiences, they have chosen to build a business that can actually make a difference in improving English fluency in Asia.  Eleutian’s story is unique in that it was founded and continues to operate in Wyoming’s Big Horn Basin.  Eleutian employs more than 150 Wyoming certified teachers with offices in Lovell, Cody, Worland, Powell, Basin and Ten Sleep. It is headquartered in the town of Ten Sleep, Wyoming, population 304.

About Skylake Incuvest & Co.: Skylake Incuvest & Co. (“Skylake”) is a principal investment fund in Korea investing into selected Korean ICT companies equipped with superior technology, and incubating them by utilizing its professional resources, accumulated experience and extensive global network. Skylake seeks to realize superior long-term investment returns by ‘Incuvesting Innovation’ globally. In addition to its capital injections, Skylake intensively provides top-quality growth advisory to its portfolio companies for their expansion. To achieve this, Skylake’s investment and incubation team consists of a unique combination of business management and investment experts with significant experience and global network. Dr. Daeje Chin, a former Minister of MIC (Ministry of Information and Communication Republic of Korea) and former CEO of Samsung Electronics is the CEO and full time general member of Skylake.